The 2010 Accounts summary has just been sent out with the Agenda for the AGM on 25th Feb 2011. The total amount outstanding from debtors as at 31st December 2010 was €38,919.30. In the 2009 accounts reported at the last AGM, the amount outstanding from debtors as at 31st Dec 2009 was incorrectly quoted as being €33,930.59. The correct position was €32,303.24 as per the list of debtors sent out with the Agenda to last year’s AGM. The figure incorrectly reported in the accounts was as at sometime in January 2010.Based on this revised figure for debtors as at 31st December 2009, the debt had increased by €6,616.06 or just over 20%.Unfortunately the debtors list that was sent out with the Agenda showed an incorrect total of €38,812.99 for debtors as at 31st December 2010. It didn’t include the debts of Giancaro Brillante amounting to €106.31 (E106 €52.21, E107 €52.20 and garage 73a €1.90)

A breakdown of the debt as at 31st December 2010 is shown below:€18,793.47 fees not paid in 2010€20,125.83 debt incurred prior to 2010€38,919.30 Debtors as at end 31 Dec 2010 (46 owners)

• €12,177.41 of the debt that we had as at 31st Dec 2009 has been paid back during 2010. [€32,303.24 (debtors as at 31st December 2009) less €20,125.83 (debt incurred prior to 2010 as at 31st December 2010)]• 46 owners were in debt as at end 2010 (compared with 42 as at end 2009)• 6 owners paid back nothing in 2010. (Waugh, Garvey, Mellon, Cordero, Aquilas and Arenas)• includes €36.72 charged by the bank in 2010 for dealing with returns due to non payment of fees claimed.

The total amount outstanding from debtors has increased by €1,155.24 (2.97%) from €38,919.30 to €40,074.54. As nobody has been monitoring the debtor situation in the past I am unable to say whether the percentage increase is slowing down or getting worse. €491.81 of the increase is accounted for by the 6 consistent non payers previously mentioned.

The total amount outstanding from debtors has increased by €1,569.60 (3.92%) from €40,074.54 to €41,644.14. We are hopeful of receiving some repayment of debt from the sale of Duplex 9 which is currently due to be completed by end April 2011.